We propose a method to decompose stock returns period by period. First, we argue that one can directly estimate expected stock returns from securities available in modern financial markets (using the real yield curve and the Martin (2017) equity risk premium). Second, we derive a return...

In order to enhance the robustness against lightning disturbance and high-impedance fault, a non-unit protection based on variational mode decomposition and energy entropy (VMDEE) is proposed for multi-terminal high-voltage dc (MT-HVDC) system. Firstly, the instantaneous frequency of line-mode...

This study focuses on the time series analysis of and factors influencing the export-related domestic value added (DVA) in Japan. We redefine the indicators of DVA associated with the intermediate and final goods exports to incorporate the analysis of the participation and position of the global...

The UN states that inequalities are determined along with income by other factors - gender, age, origin, ethnicity, disability, sexual orientation, class, and religion. India, since the ancient period. There have been attempts to reduce socio-economic inequality through policy interventions...

A hedonic regression framework is proposed for evaluating the determinants of beer prices and consumer ratings. This study specifically addresses the endogeneity problem associated with the impact of consumer ratings on beer prices using a set of beer sensory and chemical characteristics as...

Microbial necromass has been increasingly recognized as an important source of soil organic carbon (C). However, how nitrogen (N) addition regulates microbial necromass decomposition and the size of different necromass pools remain poorly understood. Here, via an incubation of 13 C-labeled...

Compressed Imaging (CI), as the application and promotion of CS theory in imaging, which exploits the sparsity of most images in nature and is expected to overcome some shortcomings of existing imaging theories. However, one of the main difficulties in implementing CI is that it involves a large...

I explore US commodity market integration through price convergence, efficiency, and intertemporal smoothing across a wide basket of goods from 1750-1949. I find consistent price convergence throughout, with rates notably faster than in Europe from 1750-1774 and 1855-1910. I find the fastest...

Soil trophic networks are key to biogeochemical cycles, in particular decomposition. However, few studies have yet quantified how microbial decomposition activity along environmental gradients is jointly driven by bacteria, fungi, and their respective consumers. Here, we quantified these direct...

In this paper, a modal decomposition imaging (MDI) algorithm for detecting delamination defects in carbon fiber composite plates using air-coupled Lamb wave is proposed. Compared with the traditional time-domain imaging method, the proposed MDI algorithm contains the pretreatment of the echo...